May 2, 2024

News and Political Commentary

5 things to know before the stock market opens Tuesday, October 24

2 min read

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Here are the most important news items that investors need to start their trading day:

1. Technical victory

Hooray for the Nasdaq. The tech-heavy index snapped a four-session losing streak by finishing slightly higher Monday. The win came as the yield on the 10-year Treasury retreated a little. The other two major indices, however? They finished in the red. The Dow slipped 190 points, while the S&P 500 declined seven points. Aside from 10-year, investors are focused on earnings Tuesday, with General Motors and Coca-Cola up before the bell and Alphabet and Microsoft coming after the close. All in all, about 30% of the S&P 500 is scheduled to report results this week. Futures were higher Tuesday morning. Follow live market updates.

2. The strike factor

Striking United Auto Workers (UAW) members from the General Motors Lansing Delta Plant picket in Delta Township, Michigan September 29, 2023.

Rebecca Cook | Reuters

Just how much are the United Auto Workers’ targeted strikes hurting business at the Big Three Detroit automakers? General Motors gave investors a big look this morning, when it pulled its full-year guidance while reporting third-quarter earnings and revenue. While the company has the fewest UAW members on strike, compared with rivals Ford and Stellantis, it’s still taking a hit. GM said Tuesday morning that the strikes, which started in mid-September, have cost it more than $800 million in pretax earnings. But you should expect the UAW to key in on another number, as it seeks higher wages and better benefits: GM’s nearly $3.1 billion in quarterly profit. Ford reports earnings after the close Thursday, and Stellantis reports next week.

3. Some fizz from Coke

A man walks past shelves of Coca-Cola bottles and cans at a shopping mall in Lagos, Nigeria November 5, 2019.

Temilade Adelaja | Reuters

Coca-Cola reported better-than-expected profit and revenue Tuesday morning. The report comes as the beverage company contends with a slumping stock price and worrying…



2023-10-24 07:15:00

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